FX.co ★ Egypt GDP Growth Quickens in Q2

Egypt's economy expanded by 5% in the final quarter of the fiscal year 2024/25, achieving the fastest growth rate in three years, as reported by preliminary estimates from the planning ministry. This robust performance, which is a significant increase from the 2.4% growth recorded in the same quarter the previous year, propelled the overall annual growth rate to approximately 4.4% for FY 2024/25. This rate exceeds the initially set target of 4.2%. The growth was primarily driven by the tourism sector, non-oil manufacturing, which grew by 18.8%, and the telecommunications and information technology sector, which saw a 14.6% increase. On the other hand, the Suez Canal experienced a 5.5% decline, a much smaller drop compared to the substantial 68.2% decrease noted earlier, due to fewer transiting ships and reduced cargo volumes.